Are you supposed to just use the PC to polish, or should it also be used to glaze and wax as well?

The PC can do all three no problem.

What separates the PC style (dual-action) orbital polisher from older style (wax-master) orbital polishes is the ability to correct the paint.

That said, you can use a PC to apply a glaze. Poorboy's Black Hole and White Diamond are two of the highest rated glazes on the market.

You can even use a PC (DA) polisher to apply a fine coat of wax. Pinnacle Souveran (what the Corvette guys and concours detailers use) is a fine, hand-crafted wax that applies and removes like butter by hand. However you will still save some time if you apply it by machine.

Some paint sealants (synthetic waxes) work better (thinner/more even coats with less product waste) when applied with a soft waxing pad.

Stopped on the way to work for gas. The wife wanted to run in and get a drink, she had "no money". All I had was a $20, gave it to her to run in and get said drink. I finished fueling the truck, she returns with drink, climbs in and looks at me and say "what, did you want one". Apparently the drink cost $20, because I have yet to see any change.

And staying on topic.. I applied my first Adams Glaze on Monday with the new Red Pad and my PC. Wow, that was very nice. I liked that look a lot! Later applied some Buttery wax.